Turned down and told to reapply?? How does that help?


(Roseville, CA USA)




After 3 months of continually submitting the requested documents (some of which were sent 3 times), we were notified that we do not quality for mortgage modification because we had too much in cash reserves.

The problem is Chase looked at bank statements that were 4 months old and those cash reserves are now gone. Not to mention, the only reason we had cash reserves is because we took a 401K loan so we would not default on the mortgage. When we told Chase that, they said to reapply.

This does not make any sense. Why would we reapply when we have a modification specialist looking at our case already. Why can we not just send a current statement to show that the money is now gone. They have all the documents the have requested. They just need an updated bank statement. I told Chase that we would have to start missing payments if the process of review takes as long as the first time. They suggested that I don't miss payments. When I asked how I am supposed to do that with no money, they said I could look at a short sale, forbearance application or reapply.

We spoke to the forbearance department who said we do not qualify because we haven't missed payment. One department says to miss payments while the other says not to. I feel like we are going around and around in circles! Now what should I do?

Our loan is not owned by Fannie or Freddie and is not a FHA loan. Our income has been reduced by 2/3s. We moved into our California rental home from Washington in order to be employed and cannot sell our house in Washington. We are prepared to do a deed in lieu of foreclosure on that house if the bank won't work for us. That loan is with Wells Fargo and we have just started negotiations with them.

As of right now, the mortgages on both houses takes up 96% of our gross. Should we walk away from both houses now? I don't see any options left.


Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

The Chase run around is a stupid waste but you have not exhausted your options yet. Despite how frustrating Chase Bank can be even when your proposal is in their best interest, they can be handled.

At 96% of your gross income you will not be able to pay both mortgages unless rental income is enough to service the mortgage on the income property and you bring the mortgage down to 31% of your gross income on your primary residence.

Make A Counter Offer To Chase
With Current Financial Data

Take the turn-down decision and submit an appeal on the decision. Include all current financial data and documents to support your counter offer.

Run A Net Present Value (NPV) Test On Your Proposal

Run a NPV Test on your proposal so that you submit an offer that will pass the test.

You should see what you can do about lowering home owner insurance costs and lowering your property tax.

You may have to stop paying the mortgage on the rental property to work out a positive result on the NPV Test. Play with the numbers and see what works.

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Turned down and told to reapply?? How does that help?

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by: Anonymous

I seriously think Chase is giving customers the run a around. You do EVERYTING they ask in a timely fashion. The whole time you're falling farther behind; only to be denied. I have a long history in my home with equity and was still turned down.
They want the forclousure.
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by: Pao

I have been denied twice for a modification with Chase. I have never received a valid reason for a denial, actually they have never been clear why I was denied. The first time they said that I was not at risk of not being able to pay my mortgage; I have no idea how they calculated my numbers because no matter what I used to do my numbers whether is excel or a simple calculator my numbers do not come out to their result. This time, I mean last week they said that with my reserves I do not qualify for a modification, the funny part is that I do not know where they are seing as far as reserves, I don't even have a savings account to have reserves. I just have a checking account and never have money left. The only way I have been able to keep current with my mortgage since my husband left me for another woman is with the help of my daughter who also has a mortgage and who has not been able to enroll in school because she is helping me. I ask Chase to explain where are they seing this reserves because if I have money that I do not know about, I would love to use to pay my mortgage instead of my daughter helping me every month. Does anyone have any ideas on what to do? Chase told me to wait for my denial letter and follow the steps to ask for a copy of my records, not sure what that will say; perhaps it will tell me where that hidden money is at. Please someone help me or give me any ideas on what to do. Should I apply again? Should I stop paying the mortgage? or should I reduced the amount to what I can really pay on my own? Any ideas????

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